Last week review (April 16-20)

President Ilham Aliyev views newly-delivered metro trains

President of Azerbaijan Ilham Aliyev has viewed the new trains which were delivered to Baku with the aim of modernizing the capital's metro fleet.

President Ilham Aliyev arrived at the "Icharishahar" station of Baku Metro.

Chairman of Baku Metro CJSC Zaur Huseynov informed the head of state of the conceptual development plan of metro.

The president viewed the new trains.

Made by Russian company Metrovagonmash in 2018, the new trains have a speed of 90 km/h. The trains have 328 seats and engine power of 170 kilovolts.

President Ilham Aliyev arrived from "Icharishahar" at the "Nariman Narimanov" station in a new train.

AZAL, AzTA hold meeting with official partners

Azerbaijan's flag carrier Azerbaijan Airlines CJSC (AZAL) and the Azerbaijan Tourism Association (AzTA) held a joint meeting with official partners and agents of AZAL, the airline said in a message on April 16.

At the meeting, vice-president of AZAL, executive director of AZAL passenger airline, Eldar Hajiyev, informed about the important changes and innovations in AZAL, including Buta Airways, a structural unit of AZAL and the first low-cost airline in Azerbaijan.

Travel companies and sales agencies voiced their wishes and proposals at the meeting.

Prospects of cooperation with AzTA were also discussed.

Following the fruitful meeting, AZAL awarded the most active partners and agents, while five top-ranking tourism agents were awarded registered certificates.

The airline reported that such meetings will be continued in the future.

The video about the meeting is available at:

Car production in Neftchala may stabilize Azerbaijani market: expert

The start of production of cars at the joint Azerbaijani-Iranian factory in the Neftchala industrial zone may stabilize prices in the automotive market of Azerbaijan, General Director of MBA Group consulting company, expert in the field of valuation Nusret Ibrahimov told Trend on Thursday.

According to the expert, the main factor that can cause price stabilization will be the quality of cars produced.

"If the cars produced at the Khazar factory meet the demand of the population in terms of quality, they will stabilize prices in the market and reduce dependence on imports. Otherwise, our market will still depend on imported cars," Ibrahimov said.

Ibrahimov noted that the new factory will have specific impact on the market after some time.

"As you remember, we assembled Samand cars in Shamakhi once in the past. But they were not in demand among the population, and after a certain time, their production stopped. It will also take time in this case. Only after a few months the production in Neftchala will have a certain impact on the market," the expert said.

In early April, the Azerbaijan-Iran automobile factory Khazar, situated in the Neftchala industrial zone, started production of the first cars.

The factory produces cars under the brand name of Khazar, and a number of models of Peugeot and Renault will also be assembled there. The annual capacity of the factory is about 10,000 cars. It is expected that in the future the cars will be delivered to Ukraine, Russia and Central Asian countries.

All cars produced at the factory comply with Euro 5 standards.

On August 6, 2016, a major Iranian automaker Iran Khodro and Azerbaijani company Azeurocar (subsidiary of AzerMash) signed an agreement to establish a joint automobile factory in the Neftchala industrial zone. The total cost of the project is estimated at 24 million manats. The Azerbaijani side has invested 75 percent in the factory, and the Iranian side has invested 25 percent.

German-Azerbaijani Fund may resume its activity

The German-Azerbaijani Fund (GAF) may resume its activities in 2018, a source in the government told Trend on April 20.

The activities of the GAF, established in 1999 for lending to small and medium-sized businesses in Azerbaijan, were suspended at the end of last year due to the fact that the parties - the Ministry of Finance and the Saving Banks Fund for International Cooperation of Germany [SBFIC, Manager of the GAF] - could not reach an agreement on a new contract.

The validity of the last contract expired in 2015. Without a new contract, the GAF could not continue its activities, so from 2016 to mid-2017, in fact, it was collecting previously issued loans, and did not issue new ones.

However, this year the parties once again sat down at the negotiating table, and there was a hope that the GAF would be able to restore its activities, the source told Trend.

"Under the new contract, the GAF began negotiations with banks to study their needs for foreign currency loans. If the Fund can find enough partners in Azerbaijan, the Ministry of Finance will agree to sign a new contract," the source said.

However, there are some difficulties, says the source.

"Today our banks have very high liquidity. The share of US dollar deposits is still high, and the rates on them are quite low. In this regard, it is more profitable for banks to attract US dollar deposits and use them for lending than to take from the GAF expensive loans, which are also in euros rather than US dollars. The demand for the euro in the country is not so great."

SBFIC has been operating since 1992, offering a variety of technical assistance to the banking sector. In Azerbaijan, the Fund, in particular, cooperated with the public and private sectors in strengthening the banking sector and microfinance, business development in rural areas and in other areas.

One of SBFIC's projects was the German-Azerbaijani Fund. Partners of GAF were AGBank, Bank of Baku, Unibank, ParaBank (now NBCO Para), Bank Respublika and DemirBank.

AZAL announces three new destinations within summer flight schedule

Azerbaijan Airlines will launch direct flights to new destinations of its route map - to Dammam and Riyadh cities of Saudi Arabia (from June 15 to September 1), as well as to Tivat, the popular resort of Montenegro (from July 5 to September 15) within its summer flight schedule.

The flights will be operated on comfortable Airbus A320 airliners.

The air ticket includes free baggage allowance (up to 23 kg) and a full range of cold and hot onboard meals.

Air tickets can be booked and purchased at AZAL sales offices and official sales agencies . Soon air tickets to the new destinations will be also available on the website

To purchase tickets and for more information, please contact:

+ (99412) 598-88-80 (hotline from Azerbaijan: *8880)

E-mail: [email protected]

Azerbaijan, Russia seek to achieve record level of trade turnover

The bilateral trade turnover between Azerbaijan and Russia can reach $3 billion in 2018, Russia's trade representative in Azerbaijan Eldar Tlyabichev told Trend.

"The data of the Federal Customs Service of Russia shows that a positive trend has been kept during the first two months of 2018. The growth of the bilateral trade turnover hit almost 40 percent. According to our estimates, in case the current trend is kept, the trade turnover between the countries will be about $3 billion in 2018," he said.

Tlyabichev reminded that in 2017, the bilateral trade turnover hit $ 2.63 billion, of which $ 1.94 billion accounted for Russian exports, and $692.1 million - for Azerbaijani exports.

"In general, last year we managed to increase the mutual trade by 34.4 percent, which is certainly a positive factor," Tlyabichev said.

Tlyabichev emphasized that Azerbaijan is an important economic partner for Russia.

"Today, Azerbaijan is one of Russia's key economic partners in the CIS area. We are actively developing the bilateral cooperation in various areas, and it is of a complex nature. Probably, there is no sector where our countries do not cooperate. This, of course, is the foundation for further expansion and deepening of our bilateral cooperation, "Tlyabichev noted.

Azerbaijan, Russia eye creating JVs on export to third countries

Azerbaijan and Russia are discussing possibility of establishing joint ventures (JVs) for export to third countries, Russia's trade representative in Azerbaijan Eldar Tlyabichev told Trend.

"We have certain developments and presently we are considering possibility of organizing and expanding cooperation in the industrial sector and creating joint products for export to third countries. Another interesting topic that is actively developing now is tourism. There are real opportunities here to increase the mutual tourist flow," he said.

Tlyabichev further urged Russian and Azerbaijani companies to actively use the existing business opportunities.

The potential of mutual investment and production cooperation is not fully used today, according to him.

"I urge Azerbaijani investors to more actively participate in projects being realized in Russia. Particularly, to use the capabilities of Russian special economic zones, which offer its significant preferences and create comfortable conditions for doing business," he said.

AzTV releases video on April 2016 battles: "We honor the April victory with pride!"
AzTV releases video on April 2016 battles: "We honor the April victory with pride!"
"Bulgaria through the children’s eyes" (PHOTO)
"Bulgaria through the children’s eyes" (PHOTO)
Loading Bars
Azerbaijan boosts gas exports via Baku-Tbilisi-Erzurum in 1Q2021
Azerbaijan records surplus in 1Q2021 state budget
Azerbaijan decreases oil exports via BTC
SOCAR increases gas output y-o-y
Uzbekistan to invest in viticulture dev't
Kazakhstan’s national postal service operator to buy consumables via tender
Uzbekistan continues ramping up flour, cereal exports
Mine explosion in Azerbaijan takes life of one more serviceman
Uzbekistan, Russia implementing numerous joint projects
Georgia reports 1,077 new cases of coronavirus for April 16
New Delhi a natural partner in shaping Indo-Pacific region: Australian PM Scott Morrison
Economist Intelligence Unit calculates 13 per cent growth for India, more than IMF prediction
Kazakhstan boosts exports to Russia over 2M2021
French Bouygues carries out construction of two new facilities in Turkmenistan
Azerbaijan's ADIF shares data on compensations paid to depositors of closed banks'
No point in discussing Nagorno-Karabakh problem in previous context - Russian expert
2021 to see over 3% increase in global gas demand
Georgia sees increase in hotel price index for March 2021
Kazakhstan unveils timeframe for large-scale crops sowing
Kazakhstan shares vehicle production data
Prices for precious metals up in Azerbaijan
Turkmenistan signs number of documents with international organizations
EBRD to invest in another project in Azerbaijan
National Bank of Georgia sells funds to stabilize lari exchange rate
Azerbaijan sees growth in retail turnover of ICT products from early 2021
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
Azerbaijani gas among drivers of Eurasian output growth in Q1 2021
None of Armenian PM's statements worth meaningful comment - Azerbaijani MFA
Axpo plans to produce green hydrogen
Oil climbs to four-week high on strong China data, demand revival
Azerbaijani insurer reports profit growth year-on-year
Kazakhstan's trade structure with EAEU countries for 2M2021 unveiled
Azerbaijani currency rates for Apr.16
Azerbaijan shares footage from Aghdam's Baghbanlar village (VIDEO)
Azerbaijan records high demand for underwriting services in local capital market
Coca-Cola Amatil votes in favour of European bottler's $7.68 bln takeover deal
Share of Azerbaijani gas in Greece’s imports reach 18%
Armenia violating int'l legal principles by refusing to give up minefield maps - Chair of Azerbaijani Parliament
SOCAR announces time of starting gas injection into storages
Rostselmash talks plans on supply of agricultural machinery to Azerbaijan
Azerbaijan enhancing support to SMEs (PHOTO)
Co-op between Azerbaijan, Uzbekistan progresses in all areas - Chair of Azerbaijani Parliament (PHOTO)
Thailand reports record daily number of 1,582 coronavirus cases
Mine clearing operations continue in Azerbaijan's liberated Aghdam
COVID-19 negatively affects mobile segment in Georgia
Georgian mobile operator Silknet’s revenue to increase in 2021 - Galt & Taggart
Major Bulgarian imports from Georgia include copper ores and crude petroleum oils
Azerbaijan developing plan for sustainable business
Georgia implements significant reforms within IMF's Extended Fund Facility program
Japan's March exports grew at fastest pace in more than 3 years
Amazon needs to do better for employees - Bezos
Turkmenistan, Kazakhstan have potential for co-op in maritime transportation
Turkey's central bank holds key policy rate steady at 19%
2,656 new daily COVID-19 cases reported in Kazakhstan
Iran buys 60 million doses Sputnik V COVID-19 vaccine
Eurowings kicks off Dusseldorf-Tbilisi-Dusseldorf flights
Apple announces 200 mln USD fund in forestry projects to reduce carbon from atmosphere
U.S. replaces Britain to be largest source of Ireland's imported goods
Azerbaijan's AzerGold to fund creating test laboratory in Dashkasan
Daimler AG unveiled the electric Mercedes-Benz S-Class luxury sedan (PHOTO)
Canadian lawmakers call for action from U.S., Canadian leaders in pipeline dispute
Economic outlook is brightening - Fed's Mester
Antibiotics in development not enough to tackle 'superbugs' - WHO
China’s Geely targets slice of premium electric car market with ‘startup’ brand Zeekr
Kazakhstan to create concept for development of creative industries
Italy hikes 2021 budget deficit to 11.8% of GDP: source
Turkey registers more than 61 000 new coronavirus cases
IMF corrects estimate on Iran's foreign exchange bank reserves
Kazakhs Association founded in Japan
Turkey provided invaluable support to Azerbaijan in information war with Armenia - MP
Georgian Co-Investment Fund eyes to implements another energy project
Baku Metro opens tender to buy metal structures
Volume of lending to construction sector greatly increases in Azerbaijan
Net profit of Azerbaijani ASB Bank in 1Q2021 decreases
Azerbaijan eyes starting fish caviar export to Hong Kong in 2021
Aggregate capital of Azerbaijani ASB Bank grows
Georgia's Silknet maintains strong cash balance in 2020
Armenia confuses history with mythology again - Azerbaijani Foreign Ministry
Azerbaijani president congratulates president of Djibouti
Turkey leads among countries investing in Azerbaijan's non-oil sector (PHOTO)
Museums like War Trophy Park in Baku, open in many countries - Russian historian
Russia ready to assist in normalization of relations between Azerbaijan, Armenia
Azerbaijan has great opportunities for wind energy dev't - expert
Azerbaijani Foreign Ministry responds to statement of OSCE MG co-chairs
National Bank of Georgia sees decrease in international reserves
Various types of fabrics exported to Turkmenistan from EAEU countries
Kazakhstan's KMG Engineering to buy pump-compressors via tender
1Q2021 assets of Azerbaijan Industry Bank slightly down
All news